Sketch a PPF for video entertainment and other goods and services before broadband
What will be an ideal response?
As illustrated in Figure 3.5 by the production possibilities frontier labeled "Initial PPF," the PPF has video entertainment on one axis and other goods and services on the other. The PPF is bowed outward as a conventional PPF.
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Total utility is the benefit received from consuming an extra unit of a good
Indicate whether the statement is true or false
A perfectly competitive firm's supply curve follows the upward-sloping segment of its marginal cost curve above the:
a. average total cost curve. b. average variable cost curve. c. average fixed curve. d. average price curve.
If interest rates fall, the opportunity cost of spending money today rather than tomorrow
A. rises. B. falls. C. rises only if the prices of goods today rise. D. falls only if the prices of goods today fall.
In the open-economy macroeconomic model, the quantity of dollars demanded in the market for foreign-currency exchange
a. depends on the real exchange rate. The quantity of dollars supplied in the foreign-exchange market depends on the real interest rate. b. depends on the real interest rate. The quantity of dollars supplied in the foreign-exchange market depends on the real exchange rate. c. and the quantity of dollars supplied in the market for foreign-currency exchange depend on the real exchange rate. d. and the quantity of dollars supplied in the market for foreign-currency exchange depend on the real interest rate.